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Thread: Naked Shorts! About time.

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  1. #1
    hartleib1 is offline
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    Joined: Mar 2008 Posts: 135

    Naked Shorts! About time.

    P.O. Box 7078
    Laguna Niguel, CA 92677

    May 8, 2007
    Mel Karmazin
    Sirius Satellite Radio, Inc.
    1221 Avenue of the Americas
    36th Floor
    New York, NY 10020

    Dear Mr. Karmazin:

    I have obtained information through the Freedom of Information Act issued by the S.E.C. and other sources, that strongly suggests manipulation in Sirius shares and violations of Federal Securities Law. In speaking with Investor Relations, I have been told it is not the Company’s responsibility to monitor the trading of the Company shares but instead, is the responsibility of the regulators. I disagree and believe the Company has a fiduciary responsibility to protect the interest of its shareholders. I cite the pending, Inc. et al v Morgan Stanley & Co, Incorporated et al litigation filed on behalf of Overstock and its shareholders (Superior Court of the State of California – Case #CGC-07-460147). I believe this case sets a precedent for companies such as Overstock to protect their shareholders and preserve the integrity of their shares. Overstock and its shareholders have seen nearly a forty percent increase in share price since the Complaint was filed.

    Page 2
    Mel Karmazin
    May 8, 2007

    After the alignment of XM and Sirius enterprise values and the announcement of the merger agreement, I expected the companies would trade on their merits and the constant borage of factually incorrect and/or misleading commentary would end.

    With the stock at these levels, I am fearful of an unsolicited bid or private equity acquiring the Company for a nominal premium at the shareholders’ expense.

    I have had conversations with Wesley Christian, the lead counsel for the Overstock suit, and other counsel who are interested in filing a similar suit on behalf of Sirius shareholders against the financial institutions that facilitated these illicit trades. Before proceeding, I am requesting a face-to-face meeting with you to ensure that the shareholders’ interest and the Company’s interest are aligned.

    Very truly yours,

    Michael Hartleib


  2. #2
    SiriusXMInvestor is offline
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    Joined: Aug 2008 Posts: 227
    I have been pounding the table about the naked shorting issue for the past year. I have called Paul Blalock many times and received the same answer you site in your letter to Karmizan. I also brought up the CEO of Overstock fighting for his company. I give kudos to John Mack the CEO of Morgan Stanley for coming out and making a statement today about how the shorts are damaging his company. Why hasn't Mel done the same? We supported the merger, became loyal investors and subscribers to only get kicked in the ass by Mel.

  3. #3
    clueless is offline
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    Joined: May 2007 Location: New York Posts: 251
    This is a forum not a filling cabinet for your crazy stalker type letters to Mel. Does this look like the FCC filing page? Wacko.

  4. #4
    Dlite is offline
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    Joined: Jun 2008 Posts: 84
    Wacko is right. The sooner you realize how little credibility Hartlieb has, the better you'll be.

  5. #5
    SiriusXMInvestor is offline
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    Joined: Aug 2008 Posts: 227
    As much as I disagree with Hartlieb's lawsuits, he is 100% right in his letter above to Karmazin. Karmazin works for us, the shareholders. We expect him to protect us, he is not. How Blalock can say it is not the company’s responsibility to monitor the trading of the company shares is, in my opinion, irresponsible. The value of a company is based on its share price. If someone was ravaging my company, I would have taken matters in my own hands by exposing who they are. If for one minute anyone here believes Blalock does not know who is shorting SIRI then I have a bridge for sale. Karmazin and all board members know exactly what is happening to the company. They just AIN'T talking. And yes, I am a disgruntled shareholder.

  6. #6
    hartleib1 is offline
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    Joined: Mar 2008 Posts: 135
    I suggest you call IR and express your oppinion. Not that it will do any good,
    but if enough calls are made it can not hurt.

  7. Ad Fairy Senior Member

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